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Dec 7, 2012
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the wealthiest among us can help us reduce the debt by paying more. it is encouraging to see republican members of the house and the senate speak out on the need or a deficit approach that includes raising taxes on wealthy individuals and to moving right away to ensure that 98% of families do not face a tax increase. we need to look at history. what we saw in the 1990s and 2000s, there was no relationship between lower marginal tax rates for the wealthiest among us an economic growth. first during the clinton administration, the top marginal tax rate was raised on the wealthiest individuals and the economy grew at its fastest rate in a generation. it added more than 22 million jobs. during the following eight years, the top marginal rate dax tax rate was lower, but economy never regained its strength from the reviews decade. middle-class families are vulnerable when the recession began at the end of 2007. i hope this hearing is helpful not just in this hearing, but across this country to people who are watching and waiting for congress to act. i will
the wealthiest among us can help us reduce the debt by paying more. it is encouraging to see republican members of the house and the senate speak out on the need or a deficit approach that includes raising taxes on wealthy individuals and to moving right away to ensure that 98% of families do not face a tax increase. we need to look at history. what we saw in the 1990s and 2000s, there was no relationship between lower marginal tax rates for the wealthiest among us an economic growth. first...
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Dec 7, 2012
12/12
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we will go nowhere. >> if you want to preserve the entitlement, get us to balance. >> get us to sustainability. >> thank you, mr. chairman. my time has expired. >> i have one more question. i know we could be here a while if we had the time. i am grateful for the patience of witnesses. i was looking at the testimony and on page 8, he walks through the question of this balance of how you do the balance between cuts and revenue. in the second full paragraph, he says, using a range of different methodologies, the average unsuccessful fiscal consolidation relied upon a 53% tax increase, 47% spending cut spurred a successful consolidation consists of 85% spending cuts. that. 15. if not, why not? what would your approach be? >> i respect kevin's work a lot. i think that number varies considerably depending on the country and it depends on where cycle. it also depends what the reserve is with respect to monetary policy. rates are 4 or 5%. 0. which is where we are today. there has been a lot of really good work revolving around these issues and trying to get good benchmarks for fiscal consolidation. a
we will go nowhere. >> if you want to preserve the entitlement, get us to balance. >> get us to sustainability. >> thank you, mr. chairman. my time has expired. >> i have one more question. i know we could be here a while if we had the time. i am grateful for the patience of witnesses. i was looking at the testimony and on page 8, he walks through the question of this balance of how you do the balance between cuts and revenue. in the second full paragraph, he says, using...
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Dec 13, 2012
12/12
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to get this issue behind us. it is really clear that the american people don't like the idea that the economy is being held hostage to the fiscal cliff and middle-income taxpayers are being held hostage in order for republicans to get this bonus tax break on people's income above $250,000. far be it for me to give the speaker advice but there is an argument to be made to go ahead and vote against this, i'm not talking about everybody but a good chunk, maybe even a majority. let's get beyond this point and get on to other things and because as you know the biggest tax increase happens if we do nothing. that's a $5 trillion tax increase. what the president has proposed is taking $1.6 trillion of that revenue, take $1.6 trillion from high income earners but if we go over the cliff we get $5 trillion and on top of that the end of the payroll tax holiday which i believe we should continue in that form or find an alternative that has the same economic benefit going forward. according to the congressional budget office
to get this issue behind us. it is really clear that the american people don't like the idea that the economy is being held hostage to the fiscal cliff and middle-income taxpayers are being held hostage in order for republicans to get this bonus tax break on people's income above $250,000. far be it for me to give the speaker advice but there is an argument to be made to go ahead and vote against this, i'm not talking about everybody but a good chunk, maybe even a majority. let's get beyond...
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Dec 27, 2012
12/12
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if i had one of those, i would keep using it. i cannot know what i would do, especially if nobody noticed. ok? you know, i mean, the problem with crises like the one we have now is there are multiple explanations for its. so, you hear a lot people talking about the fact that wall street bankers captured the politicians and regulators, and that is true, and thereby managed to avoid scrutiny. all the regulations set up in the 1930's were being swept away by people like mr. rubin and mr. geithner in the 1990's. awful people in the clinton administration. that is true. agreed. greed is good. hollywood movies are about greed. oliver stone tried to warn against it. instead, wall street bankers were imitating gecko, like war movies that create warmongers. at the same time, you had another explanation which had to do with the way in which the finance tapped into computing power to create complex derivatives. all that is true. but what is underlying this and the crisis and the reason why the world economy fails to recover is that this sur
if i had one of those, i would keep using it. i cannot know what i would do, especially if nobody noticed. ok? you know, i mean, the problem with crises like the one we have now is there are multiple explanations for its. so, you hear a lot people talking about the fact that wall street bankers captured the politicians and regulators, and that is true, and thereby managed to avoid scrutiny. all the regulations set up in the 1930's were being swept away by people like mr. rubin and mr. geithner...
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Dec 5, 2012
12/12
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loved us and encouraged us to dream. they made it clear that because we were americans, we could go as far as our talent and hard work would take us. my father grew up poor and my mother had limited education. my mother lived in a home with dirt floors and the disabled father who struggle to -- they are now enjoying a standard of living that is significantly higher than their parents. our store is not rare in america, but it is rare in the world. if we were born anywhere else in any other time in history, our lives may have been very different. i would have been a very opinionated bartender, for example. [laughter] but instead, i was born and raised in late 20th century america where our economy produced jobs for people like my parents to make it into the middle class, where the government helped me and my sibling pay for college, and all of us live lives better than our parents. because of where i was raised and who i was raised by, i know that what we have here in this country, it is the exception rather than the rule.
loved us and encouraged us to dream. they made it clear that because we were americans, we could go as far as our talent and hard work would take us. my father grew up poor and my mother had limited education. my mother lived in a home with dirt floors and the disabled father who struggle to -- they are now enjoying a standard of living that is significantly higher than their parents. our store is not rare in america, but it is rare in the world. if we were born anywhere else in any other time...
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Dec 27, 2012
12/12
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they used debt. bringing it to the present, energizing the production process, producing the wealth from which he hopes that he will be able to repay the debt. the moneylenders, later the bankers. cover for the fact that he had paid wages for capital goods. hoping there is something left for him, for profit. debt is all about intertemporal recycling. by effectively taking his hand and pushing it into the future, grabbing value that had not been generated. -- that is debt. producing the wealth, from which they hoped they would pay the debt. moneylenders, bankers. covering the fact that he had already paid wages, hoping that there would be something less for -- left for him. the fact that there is recycling -- you take a value for the future, bring it into the present, so as to develop -- delivered the body to the future. the problem with this process is once you start it and it works, you make a lot of money out of its. and history suddenly starts being measured in terms of years instead of decades or
they used debt. bringing it to the present, energizing the production process, producing the wealth from which he hopes that he will be able to repay the debt. the moneylenders, later the bankers. cover for the fact that he had paid wages for capital goods. hoping there is something left for him, for profit. debt is all about intertemporal recycling. by effectively taking his hand and pushing it into the future, grabbing value that had not been generated. -- that is debt. producing the wealth,...
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Dec 14, 2012
12/12
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that is how it was sold to us. some of us read the bill, most of those passing the bill before we could read it. the cms proposed a 3.5% fee on all plans and a federal exchange. are you afraid the fee will get passed on to individuals and families purchasing in your state? this is a question for mr. smith, greensein, and alexander? \ >> to be paid not only to the purchaser, but this also apply to medicaid managed care plans as well. there is a direct impact on the state budget for these new costs. >> it puts them in a competitive disadvantage as well. we fully expect it costs get passed on rather than absorb with already small margins for the plans that participate in medicaid managed care. >> the short answer is, yes. i would concur with my colleagues. >> i appreciate the shortness of the answers. do you know what the national debt is right now? just the national debt? it is on every website in the world. >> $16 trillion. >> the you know what the deficit spending has been the past four years? you do not know? do y
that is how it was sold to us. some of us read the bill, most of those passing the bill before we could read it. the cms proposed a 3.5% fee on all plans and a federal exchange. are you afraid the fee will get passed on to individuals and families purchasing in your state? this is a question for mr. smith, greensein, and alexander? \ >> to be paid not only to the purchaser, but this also apply to medicaid managed care plans as well. there is a direct impact on the state budget for these...
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Dec 20, 2012
12/12
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john oliver has been for us -- olver, has been for us an invaluable colleague. he taught so much to us. when he sat down with us talking about transportation, he explained our own districts to us as far as what was possible. on climate change, i talked to him for about 20 years. he was on this issue in the early 1990's and probably understood it probably even before that. he is that smart. he is that visionary in terms of the issues are essential not just to massachusetts, but to our planet. and it has been migrate honor to have served with you, john and to have called you my friend and colleague overall of these years and we thank you so much for what you have done for us and for the country and thank you. and with that -- the speaker pro tempore: the gentleman's time has expired. under the speaker's announced policy of january 5, 2011, the gentleman from indiana, mr. burton, is recognized as the designee of the majority leader. mr. burton: rather than hang the parliamentarian, i yield five minutes to my colleague from massachusetts. mr. markey: now on barney f
john oliver has been for us -- olver, has been for us an invaluable colleague. he taught so much to us. when he sat down with us talking about transportation, he explained our own districts to us as far as what was possible. on climate change, i talked to him for about 20 years. he was on this issue in the early 1990's and probably understood it probably even before that. he is that smart. he is that visionary in terms of the issues are essential not just to massachusetts, but to our planet....
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Dec 6, 2012
12/12
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all of us have ideas. some of us of her revenue ideas. clearly, we all agree on this. >> would you support turning off or delaying the sequester? >> i think that we would come together on additional downpayments. a lot of members would like to see us do i go back to the fact that we have a farm bill that has savings in it. that is the truth. frankly, we came together on a bipartisan basis, no substitutions can get done, because we did it. there is a way to take the form bill savings and a couple of other things, put it together, and create a down payment. [indiscernible] >> if we have a joint agreement on policy, which we are actively involved in and working on right now, along with the cuts we have proposed. thanks, everybody. >> republican senate minority leader mitch mcconnell also talked about the so-called fiscal cliff on the floor of the senate. >> when the two parties were set down to discuss the so-called fiscal cliff, it was widely assumed by republicans that obama and democrats badly wanted to avoid it. that was the premise that
all of us have ideas. some of us of her revenue ideas. clearly, we all agree on this. >> would you support turning off or delaying the sequester? >> i think that we would come together on additional downpayments. a lot of members would like to see us do i go back to the fact that we have a farm bill that has savings in it. that is the truth. frankly, we came together on a bipartisan basis, no substitutions can get done, because we did it. there is a way to take the form bill savings...
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Dec 19, 2012
12/12
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when i was at the institute, we used to bring b to work with us. when he came back -- bravo to work with us. he used to come to the office where i was the cia director. bravo sat in on almost all of the meetings involving the operations against bin laden. to this day he has not told a damn soul on what happened. [laughter] [applause] >> thank you for coming today. i would also like to thank the national press club staff for organizing today's event. you can find more information about the national press club on our website. if you would like a copy today's et seq., please check our website at press.org. thank you. we are adjourned. [applause] [captioning performed by the national captioning institute] [captions copyright national cable satellite corp. 2012] "washingtonday's journal" a discussion on -- and francisco negron on the national school boards association. later, we will hear from scott stosser about the riser manufacturing in the us. "washington journal" is live every morning here on c-span. >> one of the things that did surprise me a litt
when i was at the institute, we used to bring b to work with us. when he came back -- bravo to work with us. he used to come to the office where i was the cia director. bravo sat in on almost all of the meetings involving the operations against bin laden. to this day he has not told a damn soul on what happened. [laughter] [applause] >> thank you for coming today. i would also like to thank the national press club staff for organizing today's event. you can find more information about the...
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Dec 27, 2012
12/12
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there were 18 of us. six representing the president, six representing the senate, six representing the house. five of the six representatives of the present voted for the recommendations. five of the six representatives voted for the recommendations. five of the six representing the house voted against them. r's.d's and it kind of tells the story. >> what does it tell? >> the house is voted on -- far more reluctant to make them popular kinds of decisions than the white house or the u.s. senate. >> does that suggest there should be a constitutional change? does the institutions to work for society the way the founders intended? >> i believe it would be good to extend terms to four years. that would give them a greater ability to do things that are not immediately popular and we are borrowing 31 cents of every dollar we spend. to get this back on track, require some decisions that are not popular by definition. if you are cutting programs and raising revenue, you are upsetting people. you are doing things t
there were 18 of us. six representing the president, six representing the senate, six representing the house. five of the six representatives of the present voted for the recommendations. five of the six representatives voted for the recommendations. five of the six representing the house voted against them. r's.d's and it kind of tells the story. >> what does it tell? >> the house is voted on -- far more reluctant to make them popular kinds of decisions than the white house or the...